A simple will in Minnesota is rarely simple. A simple will is really for the situation when death is imminent. A will that fails to anticipate and identify assets, beneficiaries, children, family dynamics is hardly good planning. So, when people say they want a simple will, what they really mean is a basic will.
A simplified will or basic will is designed when a person opts for an outright disposition. In other words, the person does not have a trust. Also, basic will is for an individual or married couple that is below a tax threshold for Minnesota.
One of the most important questions when deciding on a will type is whether or not the document will contradict other documents. For example, beneficiary forms, transfer on death deeds, and or dispositions identified in a divorce decree or business operating agreement.
Assuming a simple will is desired, the next issue is generally who should be designated as the personal representative. A personal representative is the person you has an opportunity to administer an estate upon seeking a Probate Court’s approval.
Other issues often addressed within a simple will include alternate personal representatives, guardianship alternates, and addressing simple gifts of tangible personal property. Unfortunately, matters that are often overlooked by people seeking a simple will are retirement accounts and real estate.
Because this law office prepares and formalizes simple wills, please consider contacting the law office IAJ Law for assistance with this process.
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Estate Attorney Jasper Berg
